The following are recent bankruptcy filings in U.S...

BANKRUPTCY REPORT

June 24, 1991

The following are recent bankruptcy filings in U.S. District Court in Baltimore.

JUNE 13

HRA Land Inc., 17 Belvedere Court, P.O. Box 3315, Annapolis. Land developer filed for Chapter 11. Principal: H. Robert Armitage. Assets: $450,000. Liabilities: $320,000.

J. Paul Leonard Inc., P.O. Box 3408, Crofton. Building and home construction company filed for Chapter 11. Assets: $413,000. Liabilities: $489,383.

Michael H. F. McClure (Point Reyes Manufacturing), Route 3, Box 325, Mount Herman Road, Salisbury. Equipment design company filed for Chapter 7. Assets: N.A. Liabilities: N.A.

JUNE 14

Daniel G. Caputo and Yolanda A. Caputo, P.O. Box 45, Queenstown. Carry-out restaurant owners filed for Chapter 11. Assets: N.A. Liabilities: N.A.

James Douglas Stevens (Jim Stevens Co.), 1651 Fendall Court, Crofton. Painting company filed for Chapter 7. Assets: $34,146. Liabilities: $67,288.

JUNE 17

Blossom Point Developers Inc., 79 West St., Annapolis. Real estate investment company filed for Chapter 11. Principals: Edwin W. Lynch Jr. and Charles S. Shaw. Assets: $2.2 million. Liabilities: $1,807,000.

Robert B. Figliozzi (Generation Ceramic Tile Co.), 1434 Mara Vista Court, Crofton. Tile company filed for Chapter 13. Assets: N.A. Liabilities: N.A.

Henry William Seay Jr. (HWS Trucking Co., High Score Family Center), 1277 Kavall Drive, Davidsonville. Debtor filed Chapter 11. Assets: between $500,000 and $999,000. Liabilities: more than $1 million.

JUNE 19

Moe-Bond Inc., 1306 W. Fremont Ave., Baltimore. Lessor and retailer of scaffolding filed for Chapter 11. President: Aleck Cherigos. Assets: $25,000. Liabilities: $398,136.

Gary G. Pusey, Route 1, Box 592, Meadow Bridge Road, Salisbury. Owner of car retailer filed for Chapter 11. Assets: N.A. Liabilities: N.A.

Gary Pusey's Auto Sales Inc., U.S. Route 13 South and Main Street, Salisbury. Auto retailer filed for Chapter 11. Assets: $300,000. Liabilities: $354,000.

TMG Inc., 2307 B Forest Drive, Annapolis. Lord's and Lady's full service beauty salon and boutique filed for Chapter 11. Principal: Teena M. Carlucci. Assets: $122,276. Liabilities: $241,986.

JUNE 20

Curtis F. Peterson Inc., 10320 Little Patuxent Parkway, Suite 1004, Columbia. Real estate development and management company filed for Chapter 11. Principal: Curtis F. Peterson, CFO Securities Inc. and CFP Financial Inc. Assets: $5,065,753. Liabilities: $5,071,116.

The following are the most common types of filings under the U.S. Bankruptcy Code.

CHAPTER 7 -- Liquidation. A trustee is appointed to take charge of all the debtor's property, except for certain exceptions allowed in the law. The trustee will sell the remaining property for the benefit of creditors, and unless a creditor objects and is upheld by the court, the debt will be discharged in whole or in part.

CHAPTER 11 -- Reorganization. Available to all individuals or businesses, this chapter is primarily intended to allow an ongoing business to restructure its debt. A successful reorganization depends on filing a plan and obtaining its approval by creditors and the court.

CHAPTER 13 -- Adjustment of debts of an individual with regular income. This chapter provides a method for individual debtors to repay creditors, in full or in part, over a period of up to five years. It ordinarily involves less than $100,000 in unsecured debt and $350,000 in secured debt.

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